As outlined by McConnell, Congress would temporarily surrender its power to approve any increase in the debt ceiling.Under the constitution (Congress treats toilet paper better than it treats the constitution), the power to borrow money belongs to Congress. Period.
They can't surrender that power, and I'm not sure they can delegate it.
The GOP is so big about showing the people where, in the constitution, they find certain powers. So, where do McConnell and now Boehner find, in the constitution, a power for the president to borrow money over the objections of a majority of Congress?
I'm rooting for a big collapse - Congress needs to go down, HARD and FAST.
They ALREADY delegated it to a private company called the Federal Reserve, not only to borrow it from the Fed, but to allow the Fed to print it in the first place at the cost of the paper, and then loan it to the country at its face value - with interest. And that's just to GET our own currency, before we DO anything with it.
That's why this whole "crisis" is a joke. A bad joke, a harmful joke, but a joke nonetheless. Because neither the administration nor Congress calls the shots anymore, and hasn't for a long time - the Fed alone controls the money supply, and the government does what they're told.
You're watching a dog and pony show.